Investing in your marketing, providing a one-stop shop, and asking for referrals are just some of the ways that letting agencies can win new instructions and increase their property portfolio in 2024
Legislative changes and changes to taxes and stamp duty may made some landlords reconsider investing in rental properties, but there are many who still see the private rented sector as a good investment.
Letting agents will need to invest in additional resources to make sure their business stands out in order to win new landlords in an increasingly competitive environment and increase their property portfolio.
Invest in your marketing
Informative, progressive, and well laid out landlord marketing materials will save you time and hassle when it is time to convince landlords of the value in paying for your services - and attract landlords looking for agents to your letting agency.
Always keep your ideal audience in mind when creating content and marketing materials, so you can target landlords in the best way. What is it that makes a blog post or pamphlet of particular value to a landlord?
If you don’t already know, ask them. For example, try writing a blog post that is targeted to landlords in your specific area such as “Where to get the most ROI on buy to lets in {your town}.”
Build your agency's reputation
It's also important to consider the reputation of your agency's brand. Position your agency as professional, knowledgeable, and the obvious choice to maintain and protect a landlord’s investment.
For example, provide prospective customers with a personalised folder when first meeting them, containing specific information regarding the property and neighbourhood, your compliance regulations, your services, and with corresponding rates outlined.
If done well, landlords will feel informed and confident, with realistic expectations of the business relationship they are about to engage in.
Provide a one-stop shop
Landlords pass their properties off to letting agencies for one reason: simplicity and ease of managing their investments.
For this reason, landlords look for an agency that can provide a one-stop shop for all their property needs. Offering an end-to-end service will make your agency more attractive, especially to larger portfolio landlords.
You can even use an all-in-one solution like Goodlord, that offers various services to tenants and landlords through its lettings platform, including rent protection, tenants insurance, utility switching, and more.
We suggest offering a sales department for buy-to-lets, if your agency currently offers lettings only; insurance products; property management services; and exceptional customer service with streamlined and informed communication around your customer’s investment.
Get more from your existing landlords
Sometimes, you needn’t have to look any further than what is already directly in front of you.
Comb through your existing customer base for untapped further business - 22% of landlords have more than one property and there could be plenty of opportunity to generate further business from people you’re already working with by simply reaching out to your current customers and asking.
Encourage referrals
On that note, referral programmes are rapidly growing in popularity across all sectors. Why? Because they work.
Research by Nelson states that people are four times more likely to buy when referred by someone they know and trust - in fact, one agency claims that in 90% of cases, a referral from a current customer is a "guaranteed instruction".
Capitalise on the network of your current customer base by offering a referral program that incentivises them to refer other landlords to your agency.
Keep tenants happy
It is important to not only think of tenants as customers of your agency but also as potential advocates.
Think about asking those tenants with who you have strong relationships with to leave a review for you on Google - you might be surprised at how happy they may be to do so.
With minimal effort in educating tenants, being transparent, providing prompt communication, and resolving of issues as standard, you are likely to create an ongoing flow of advocates who will be happy to leave positive online reviews without prompt.
Go old school, build relationships
The lettings industry is built on reputation and word of mouth so don’t forget to invest your time in relationship building.
Always remember to be punctual for all meetings, be well informed before meeting prospective landlords and get to know them.
How? By simply asking them what they want from your service. Do they like to receive communication? How often? Do they own other properties?
A landlord who maintains strong and positive relationship with his or her agency will have no reason to look to take their business elsewhere.
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